The newspaper industry is spending $75 million to argue that it’s not screwed. How much better it would be to spend $75 million on innovation so, indeed, it won’t be screwed.
You don’t understand. For newspapers, spending money to argue that they are not screwed is innovation.
Just imagine if they had invested that $75 million a decade ago as they blissfully counted their profits and watched as Ebay, Craigslist, Monster and a plethora of other startups began to invest much less to walk away with the market. It’s too much, too late.
I’ll never forget when I asked for $6k to build a “Find my garage sale” application utilizing online mapping and was turned down. It was one of the many pivotal moments I started second guessing the industry.
The newspaper’s biggest problem now is that the industry is sinking and all the great talent is jumping ship. $75 million dollars is not going to get the talent back… or the industry. Especially when the big boys like Gannett and Reuters are already outsourcing the writing talent.
(Once a nominee for NAA’s 20 under 40 and ex-newspaper insider)
As we watch the early emerging online video efforts unfold, you wonder what will be the Ebay, Craigslist and Monster equivalent to the television industry.
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